In this brief clip, Buffett discusses the predictive power of the stock market.

"The stock market has been a good forecaster from time to time in the past," he said. "It also has been a rather poor forecaster occasionally."

He addressed an ongoing sell-off in the stock market.

"For example, the last four or five years, the stock market has been booming along presumably forecasting better business which has really not materialized," he said. "So maybe the stock market is correcting a previously incorrect forecast this time."